Money can be tight for businesses, and that doesn’t always leave much room for massive customer loyalty budgets. But do you really need a huge marketing allocation and an abundance of spare time? No – by focusing on your existing customers and adopting straightforward, low-cost solutions that can be easily implemented into your existing processes, you can create a successful customer loyalty program.
It is far more cost-effective to foster loyalty among your existing customers than pursuing new ones.
Nurturing loyalty among those who already do business with you is more effective than focusing on attaining new customers; Self-starter data indicates that it is far more cost-effective to foster loyalty among your existing customers than pursuing new ones.
So, instead of putting your marketing budget into advertising, create low-cost customer loyalty programs that reward customers who have stayed with you long-term and encourage them to keep spending – and spend more – with you, increasing your wallet share with them.
A lot of money can be spent on basic admin, but this doesn’t need to be the case when there are low-cost turnkey loyalty solutions available to your business. For example, introducing a prepaid rewards card requires very little administration.
Introducing a rewards and recognition platform doesn’t have to be difficult.
Introducing a rewards and recognition platform doesn’t have to be difficult. Acclaim Rewards is one example of an inexpensive customer loyalty solution that’s easy to set up and use. The B2B management platform can be set up in 24 hours and you even get a 30-day free trial so you can try before you buy.
Automated processes make the program easy to manage, and a comprehensive online catalogue including store gift cards, prepaid Visa cards and merchandise provides recipients with a range of options.
Just because you don’t have a massive amount of money to spare doesn’t mean you can’t implement effective customer loyalty programs. Building customer loyalty on a budget by adopting these strategies will help you to increase your wallet share with existing customers and increase your ROI significantly